A familiar piece of downtown Victoria’s cultural fabric is up for sale, raising questions about what lies ahead for a well-known landmark.
The building that houses Cineplex's Odeon Theatre at 780 Yates St. has been listed for $8.5 million by Jones Lang LaSalle Real Estate Services Inc. (JLL), putting the longstanding cinema's future in doubt.
Built in 1948, the theatre has been a fixture in the city’s entertainment scene for generations, drawing moviegoers to the heart of downtown.
Now, with the property on the market, change could be on the horizon.
The 25,027-square-foot site, which fronts both Yates and Johnson streets, sits in one of the city’s busiest commercial corridors.
Its current zoning allows for a wide range of redevelopment possibilities, including residential towers, hotels, retail, or office space. The current designation permits buildings up to 24 storeys and more than 150,000 square feet of floor space.
JLL describes the site as having an “irreplaceable” location with strong development potential. Whether a future buyer will choose to preserve the theatre or pursue a new vision remains to be seen.
The real estate company declined to comment on the property listing during a phone call Thursday afternoon. Cineplex also declined to comment.
The listing is the latest sign of shifting tides in downtown Victoria, and this theatre might not be the only one potentially on its way out.
Just a few blocks away, Jawl Properties has proposed a 10-storey mixed-use complex called Capital VI at 1221 Blanshard St.
According to the project’s website, the development would feature retail and restaurant spaces on the ground floor, with office space and amenities, including a gym, outdoor terrace, and conference rooms, on the upper levels.
Jawl acquired the site in 2015, but there has been little public information about the project's progress since.
